Miami s population is 6.2M, with a total workforce of 2.7M. The labor market grew by 54,000 jobs over the past year, up by 2.0%. The median household income in Miami is $57,272, 5.5% higher than last year and 6.7% below the national average of $61,372.
In the housing market, total permits issued totaled 21,049 over the last twelve months, up 7.0% year-over-year. Miami has 299 active new home projects on the market, unchanged from the 299 from last year. The average list price in the market is $588,490, 0.7% higher than last year and 88.1% above the national average. Over the last three months, new home contracts decreased by 6.6% to 1,676. Homestead and Miami had the highest concentration of the new home contracts in the Miami market.